With the changes in legislation surrounding FICA, and the advent of a Risk Based Framework approach, accountable Institutions (those who need to comply with FICA) are encouraged to use digital information sources to verify client information. Our purpose is to enable frictionless engagements between our clients and their customers when complying with regulations such as the FIC Amendment Act (FICA) and the enhanced due diligence requirements to strengthen their Risk and Compliance Management Program (RMCP).

Regulations such as FICA and Treating Customers Fairly requires more innovative mechanisms to verify and manage customers identities and enhance internal risk-based frameworks. Increased customer experience while reducing the friction in validating customer information is critical, while simultaneously not impacting the quality of the checks being facilitated negatively. Reduction in costs associated with client on-boarding and ongoing due diligence is a key consideration for organisations to be more competitive and agile.

Financial inclusion is a key driver in South Africa and the limited amount of address information available is hampering the drive to get more individuals into the financial system. Complexity and cost for acquiring international and local data sources for verification and checks have proven to be prohibitive.

Altron BSI is a “safe pair of hands”, with a solid history of providing solutions in key markets that require digital identification and seamless switching of information between key role players. We have partnered with BankservAfrica to host a truly secure Digital Exchange. Through our various complimentary businesses including infrastructure, storage, data management, support and training, Altron BSI can provide a frictionless experience that delivers on all client solution needs.

Altron BSI, through Truity, has a secure digital vault that acts as an aggregator for a variety of services, as well as checks that support the identification and verification of customers identities digitally. The data and all available services are managed through a single integration into the vault with full audit capabilities.

Data includes the best locally sourced Gold Source information as well as over 674 internationally sourced sanctions and watchlists, including over 10 billion web pages which are scraped for negative news and adverse media. Truity scores the relevance of each record. This approach provides vastly more negative news coverage, while limiting irrelevant results.

Truity is available as a service with bulk, portal and API based options to establish, complement or enhance a client’s current risk management capabilities. It uses Machine Learning and Natural Language Processing to filter vast quantities of unstructured data from millions of sources to efficiently identify financial crime and reputational risk.

Once alert matches are identified, the system provides a fully integrated alert assignment and management dashboard which allows users to resolve alerts with complete audit tracking running in the background.